3 Primer Trimestre Mercado de Oficinas de Madrid First Quarter Madrid Office Market Principales Indicadores Main Indicators Superficie contratada: m² Número de operaciones: 99 Renta máxima registrada: 30,00 /m²/mes Renta Media CDN: 24,51 /m²/mes Renta Media DEC: 11,05 /m²/mes Take-up: 133,985 sqm Number of transactions: 99 Highest rent registered: /sqm/month Average Rent CBD: /sqm/month Average Rent DEC: /sqm/month La contratación bruta de espacios de oficinas durante el primer trimestre del año ha sido de m². Esta cifra supone un incremento en la contratación del 27% respecto al mismo periodo del año Es importante destacar que tres operaciones han supuesto el 35% de la absorción total. Las operaciones más relevantes del primer trimestre del año han sido: el alquiler de Avenida América 79 por parte del BNP Paribas, operación que ha supuesto la contratación de más de m²; la contratación por parte de la consultora KPMG de m² en Torre Cristal (Paseo Castellana 259); y el alquiler por parte de la compañía Dentix, en Ribera del Loira 56-58, de más de m². Como consecuencia de la operación de KPMG en Torre Cristal, la disponibilidad en las Cuatro Torres se reduce considerablemente. Las zonas más activas durante el primer trimestre del año han sido la Descentralizada (DEC) con un 43% del total de la contratación, y la zona del Centro del Distrito de Negocios (CDN), con el 21% de los metros contratados. En ambos casos estos elevados volúmenes de contratación han sido consecuencia de las tres operaciones mencionadas anteriormente. Gross take-up of office space during the first quarter of the year amounted to more than 133,985 sqm. This figure represents an increase of 27% as compared to the same period in It is important to highlight that the 35% total take-up can be attributed to three transactions. The most significant transactions in the first quarter of the year were the letting of Avenida América 79 by BNP Paribas, a transaction which involves more than 19,000 sqm; the letting of Torre Cristal (Paseo Castellana 259) by the consultancy firm KPMG representing a total of 19,682 sqm; and the signing of a lease contract by Dentix of the building on Ribera del Loira which has a total surface area of more than 8,200 sqm. As a result of the transaction of KPMG in Torre Cristal, the vacancy of office space in Cuatro Torres has been significantly reduced. The areas where more activity was registered during the first quarter of the year include the Decentralised area (DEC) with 43% of the total take-up and the Central Business District (CBD), which allocates for 21% of office space taken. In both cases high volume take-up was the result of the three transactions previously mentioned. Take-up by zones Surface area (in % of sqm) OUT: 13% DEC: 43% CDN / CBD: 21% RC: 11% RDN / RBD: 12% CDN: Centro Distrito de Negocios RDN: Resto Distrito de Negocios RC: Resto Ciudad DEC: Descentralizado OUT: Fuera de la Ciudad 03

4 Primer Trimestre Mercado de Oficinas de Madrid First Quarter Madrid Office Market Headlines Headlines Incremento del 27 % en la contratación respecto al 1Q 2014 Rentas de alquiler estabilizadas o creciendo en los mejores edificios en el Distrito de Negocios La nueva oferta incorporada es prácticamente residual An increase of 27% in the take-up of office space as compared to 1Q 2014 Stable or increasing rental levels in the best office buildings in the Business District The new incorporated supply is practically minimal En cuanto al número de operaciones, las zonas más activas han sido la Descentralizada (DEC) con el 31% de las operaciones, el Resto del Centro de Negocios (RDN), donde se han registrado el 22% de las operaciones, y finalmente, la zona de Fuera de la Ciudad (OUT) donde se han firmado un gran número de operaciones, representando el 21%. Por sub zonas (pag. siguiente), la comprendida dentro de la M30, zona del centro de la ciudad, ha concentrado el 44% de los metros cuadrados contratados. Esta zona ha sido también la más activa en cuanto al número de operaciones con el 51% de las mismas. Por otro lado, el área de influencia de la A6 y la zona de Julián Camarillo, han sido las que menor actividad han mostrado, sumando el 7% de la absorción total. Igualmente, la zona A-1 ha registrado únicamente el 12% de los m² contratados durante el primer trimestre. En cuanto a las operaciones de mayor tamaño, destacar que las 9 operaciones registradas con volúmenes superiores a m² han generado el 56% del total de la contratación. El rango de superficie qué más operaciones ha contabilizado han sido las comprendidas entre 200 y 500 m², el 35% del total. In terms of number of transactions, the most active zones were Decentralised Area (DEC) involving 31% of the transactions, Rest of the Business District (RBD), where 22% of the transactions have been registered and the Outside of the City Area (OUT) in which a large number of transactions have been carried out, representing 21% of the total take up. By sub-zones (next page), the area within the M30 ring road, an area in the city centre, has concentrated 44% of total take-up registered. This area has been the most active in terms of the number of transactions representing 51%. On the other hand, the catchment area in the A-6 motorway and the area in Julian Camarilo, have been the zones where less activity has been carried out, accounting for 7% of the total takeup. Likewise, only 12% of the take-up during the first quarter were registered in the A-1 area. With regard to transactions with large surface areas, it is worth highlighting that the 9 transactions registered with volumes involving more than 3,000 sqm have generated 56% of the total take-up. The surface area range in which most of the transactions were registered is between 200 and 500 sqm, allocating for 35% of the total take-up. Take-up by zones Number of transactions (in %) OUT: 21% DEC: 31% CDN / CBD : 9% RC: 16% RDN / RBD: 22% CBD: Central Business District RBD: Rest of Business District RC: Rest of City DEC: Decentralised OUT: Outside of the City 04

7 Primer Trimestre Mercado de Oficinas de Barcelona First Quarter Barcelona Office Market Principales Indicadores Superficie contratada: m 2 Número de operaciones: 108 Renta máxima registrada: 18,00 /m 2 /mes Renta media CDN: 16,25 /m 2 /mes Renta media zona DEC: 11,50 /m 2 /mes Main Indicators Take-up: 73,757 sqm Number of transactions: 108 Highest rent registered: /sqm/month Average rent CBD: /sqm/month Average rent DEC: /sqm/month Durante el primer trimestre del 2015 se han contratado cerca de m² de espacio de oficinas. Esta cifra supone un descenso de casi un 32% con respecto al trimestre anterior, pero supone un 20% más con respecto al mismo trimestre del año Se debe tener en cuenta que el cuarto trimestre de 2014 fue el mejor trimestre de los últimos años, con niveles de absorción muy superiores a los anteriores motivado por grandes operaciones inusuales. Sin tener en cuenta este último, el primer trimestre de 2015 sería el mejor de los últimos ejercicios. Analizando la absorción por zonas, lo más significativo es el buen nivel de absorción de la zona OUT en comparación al resto de áreas de negocio. En esta zona se ha dado la mayor contratación del trimestre, un 32% del total del mercado, al haber concentrado el mayor número de operaciones superiores a m². Además, se han registrado operaciones por encima de m². En cuanto al resto de zonas, tienen un protagonismo en contratación similar: Distrito de Negocios (23% del total), Resto Ciudad RC (20%) y zona Descentralizada DEC (25%). El global de contratación en la zona centro se ha mantenido con respecto a otros trimestres, sumando el 43% del total. Respecto a operaciones, como viene siendo habitual, siguen estando por debajo de los 500 m² el 67% del total. Destacar que ha crecido considerablemente el nº de operaciones por encima de m² situándose en el 17% del total, casi el doble en comparación con 2013 y No obstante, únicamente se han realizado 2 operaciones por encima de m² este trimestre. A total of almost 73,800 sqm of office space had been registered during the first quarter of These figures represent a drop of almost 32% as compared to the previous quarter (4Q 2014) but allocate for a 20% increase with respect to the same quarter of It has to be taken into account though that the fourth quarter of 2014 was the best period in the past years, with take-up levels higher than the previous years which can be attributed to unusually large transactions. Even if we do not take into consideration these data, the first quarter of 2015 would be the best in recent years. If we study the take-up by zone, the most significant take-up is the one of the OUT Area as compared to the other business areas. Its take-up accounts for 32% of the total market and it is the area in which the most number of transactions involving surface areas bigger than 1,000 sqm have been registered and it has one of the only two transactions with surface areas bigger than 3,000 sqm. The rest of the areas have shown a similar take-up: Business Districts (23% of the total take-up), Rest of the City RC (20%) and Decentralised Area DEC (25%). The total take-up in the city centre has been at the same level as compared to other quarters totaling 43%. With regard to transactions, there have been no major changes with 67% of the total transactions involving surfaces of less than 500 sqm. It is worth highlighting that there has been a considerable increase in the number of transactions for surface areas bigger than 1,000 sqm registering a total of 17%, almost double in proportion compared to 2013 and However, there have been only two transactions for surface areas bigger than 3,000 sqm during this quarter. La media de contratación de la zona centro se sitúa entre los m², cifra superior a trimestre anteriores. OUT: 32% Take-up by zones Surface area (in % of sqm) The average take-up in the city centre involves surfaces between sqm which is a higher figure compared to previous quarters. CDN / CBD:11% DEC: 25% RDN /RBD: 12% RC: 20% CDN: Centro Distrito de Negocios RDN: Resto Distrito de Negocios RC: Resto Ciudad DEC: Descentralizado OUT: Fuera de la Ciudad 06

8 Primer Trimestre Mercado de Oficinas de Barcelona First Quarter Barcelona Office Market Headlines Incremento importante de la contratación en más de un 20% respecto al mismo trimestre del año anterior Buen nivel de absorción en zona OUT (32% del total) y ligero descenso de la zona DEC (25%) El ratio de desocupación se mantiene en niveles de inicio de año, en el 13,67%. En la zona DEC está en torno a los 800 m², dato inferior a lo habitual en esta zona, normalmente situada en una media superior a los m². En las zonas periféricas OUT la operación media ha alcanzado los m². Por subzonas, destaca la contratación en el Distrito que ha crecido hasta más del 90% del total de la zona DEC. En la zona OUT, cerca del 65% de la absorción se concentra en Sant Cugat, debido principalmente a una de las operaciones de mayor volumen del trimestre. Atendiendo al número de operaciones, las zonas RC, RDN, DEC y OUT han tenido un comportamiento muy similar. La zona CDN es la que cuenta con menor número, situándose en el 14%. Con estos niveles de contratación y sin que hayan salido al mercado nuevos proyectos de oficinas, se ha consolidado la tendencia de descenso del ratio de disponibilidad ya iniciada en trimestres anteriores, aunque de manera moderada, situándose al final de este trimestre en el 13,67%. Los precios muestran al cierre de este trimestre una tendencia al alza moderada con respecto al trimestre anterior leves, aumentos de precios máximos y medios en las zonas CDN, RDN y DEC, manteniéndose estables los de las zonas RC y OUT. En resumen, con los datos del primer trimestre, podemos confirmar que la tendencia general del mercado es de aumento de la demanda, descenso de la desocupación y de perspectivas alcistas en los precios de algunas zonas. Headlines A significant increase in office take-up of more than 20% as compared to the same quarter of last year A remarkable take-up in the OUT Area (32% of the total take-up) and a slight drop in the DEC Area (25%) Vacancy rate is at the same level like in the beginning of the year at 13,67%. In the DEC Area, the take-up involves surface areas of 800 sqm, which represent a drop in the usual take-up of this area, which is normally at an average of 1,000-1,200 sqm. In the OUT peripheral areas, the average for this quarter has been at 1,100 sqm. An analysis of sub-areas highlights that District has registered a growth of more than 90% of the total take-up in the DEC Area. In the OUT Area, nearly 65% of the take-up is concentrated in San Cugat, which can be mainly attributed to one of the biggest transactions for this quarter. With regard to the volume of transactions, the areas RC, RBD, DEC and OUT have all registered similar take-up figures. The CBD Area has the least take-up reported at 14%. With these take-up levels and even without the new office projects on the market, the downward trend in vacancy rate has consolidated what was started in previous quarters, but still in a moderate way, with a figure standing at 13,67% at the end of this quarter. As compared to the previous quarter, the end of this first quarter has registered a slight increase in maximum and average prices in the CBD, RBD and DEC Areas while those of RC and OUT Areas are stable. In conclusion, with the data at the end of this quarter, we can establish that the general trend of the market is an increase in demand, a decrease in vacancy and an upward trend in prices in some areas. Take-up by zones Number of transactions (in %) DEC: 21% OUT: 20% CDN / CBD: 14% RC: 24% RBD / RBD: 21% CBD: Central Business District RBD: Rest of Business District RC: Rest of City DEC: Decentralised OUT: Outside of the City 07

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